P13?2A The comparative statements of Lucille Company are presented here.LUCILLE COMPANYIncome Statem

P13?2A The comparative statements of Lucille Company are presented here.LUCILLE COMPANYIncome StatementsFor the Years Ended December 3120122011Net sales$1,890,540$1,750,500Cost of goods sold1,058,5401,006,000Gross profit832,000744,500Selling and administrative expenses500,000479,000Income from operations332,000265,500Other expenses and losses Interest expense22,00020,000Income before income taxes310,000245,500Income tax expense92,00073,000Net income$ 218,000$ 172,500Compute ratios from balance sheets and income statements.(SO 6), APLUCILLE COMPANYBalance SheetsDecember 31Assets20122011Current assetsCash$ 60,100$ 64,200Short-term investments74,00050,000Accounts receivable117,800102,800Inventory126,000115,500Total current assets377,900332,500Plant assets (net)649,000520,300Total assets$1,026,900$852,800Liabilities and Stockholders†EquityCurrent liabilitiesAccounts payable$ 160,000$145,400Income taxes payable43,50042,000Total current liabilities203,500187,400Bonds payable220,000200,000Total liabilities423,500387,400Stockholders†equityCommon stock ($5 par)290,000300,000Retained earnings313,400165,400Total stockholders†equity603,400465,400Total liabilities and stockholders†equity$1,026,900$852,800All sales were on account. Net cash provided by operating activities for 2012 was $220,000. Capital expenditures were $136,000, and cash dividends were $70,000.InstructionsCompute the following ratios for 2012.1. Earnings per share.2. Return on common stockholders†equity.3. Return on assets.4. Current ratio.5. Receivables turnover.6. Average collection period.7. Inventory turnover.8. Days in inventory.9. Times interest earned.10. Asset turnover.11. Debt to total assets.12. Current cash debt coverage.13. Cash debt coverage.14. Free cash flow.

 

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